36 Confessions Of A WaMu Banker

Reader B works at WaMu and wanted to share some tips that would be helpful to the everyday consumer. Most importantly, B gives some instructions for getting those annoying overdraft fees taken off of your account.

Checking
– About the WaMu Free Checking, yes it is a different “free” checking account. We just came out with the “WaMu” part about a couple of years ago, so if you have any “free” checking account older than that I suggest you change it to the newer one.

– The newer WaMu Free Checking is EXACTLY the same as the old “free” checking, but you get extras like free checks, free money orders and official checks, one Overdraft charge reversed every year, and a $0.05 reward every time you use your debit card (that’s better than nothing).

– If you still have the older “free” checking you can go into the branch or call a branch and just change it over to the new one. Your account number, debit card number, and everything stays the same. You just get a better deal with the same product.

– On ordering checks on your WaMu Free Checking, you only get the normal ones (no fruity pictures, no duplicates) for free. The rest cost extra. If you want to order more than one box, make sure to tell the teller to order ONE at a time. If you order more than a box the system will charge you (newbie tellers don’t know this).

ATM’s

– For ATM’s NEVER deposit anything EVER unless it’s absolutely necessary. (Ex: you are going away for awhile and you cannot deposit during that period)

– ATM’s put your deposit on hold about 80% of the time. Usually for about 2-7 business days.

– If you want your money as fast as possible go into the branch. We can see the check and most likely we will not put the check on hold. If there is a hold, talk to a supervisor and see if you can work out a deal to either decrease the length of the hold or have the supervisor call on the check; they would be more than happy to.

– If you did deposit into a ATM and your money is held we most likely cannot do anything about the hold because we cannot see the item deposited, so tough luck and learn from your mistake

– Our ATM’s are free to use for any customer from any bank. HOWEVER, if you are from another bank and you use OUR ATM’s then your bank will charge you.

– If you are a WaMu customer and you use your card at another bank’s ATM, we will not charge you but the other bank will. These charges might also come in one lump sum during some time (randomly) in the month (I don’t know why), so don’t think you’re free just because you don’t see a charge the next day you use another bank’s ATM.

– If you ever get your debit card sucked back into the machine don’t freak out! We empty out the ATM’s about twice daily,once before we open and once between 2 and 3 pm. We keep the cards for ONE business day so you can just pick it up the day after. If you can’t, call into the branch you use the ATM from and ask them to keep the card until a date you can pick it up.

– On drive-through ATM’s, usually we do not service those. A separate company services them every other day (Mon, Wed, and Fri), usually in the afternoon. If you lost your card in there we can’t do anything until those days.

Fees

– Yes I know you have a “free” checking account but that doesn’t mean we won’t charge you every time you go negative or bounce a check.

– For Overdraft charges it is $30 for EVERY transaction that TAKES you negative or WHILE negative. The amount does not matter. (Ex: you have $1 in your account and you buy a $4 cup of coffee, that means you just bought a $34 cup of coffee)

– You can try to get us to reverse some or even all these charges so don’t feel like you have to live with that $34 cup of coffee.

– If you ever do try to get the fees reversed, call the 1800 number first and see if they can take some or all off. I know company 1800 numbers aren’t the best in the world but that 20 min. hold could get you your $30 back.

– After you call the 1800 number and they can only reverse some but not all the fees you racked up, come into the branch. We can reverse them. Usually you have to talk to a supervisor but if you have a legit story, he or she most likely take some or all the charges off.

– Here’s another tip: DON’T ASSUME WE WILL REVERSE YOUR MISTAKE! We can take charges off but if you have a record of fees don’t count on it. We can see how many fees you racked up in the past and how many we reversed. If you are having trouble with keeping your account positive, carry around a transaction register to jot down all the things you bought or set up this free service called Overdraft Transfer.

– With Overdraft Transfer, whenever you go negative in your checking account we transfer the money to cover that item and some additional cash (your choice how much) from your savings account (you have a savings right?). This service only charges $10 A DAY for the transfer. For example, if you get 3 debits go through your account on the same day; we will only charge you $10 for the transfer from savings to checking. That is a much better deal than $30 per transaction with no Overdraft Transfer

Check Holds

– Check holds can be placed on ANY check even a money order or cashiers checks because any check can be stopped payment.

– If you have a new account (less than 30 days) any check over $100 you deposit will be held for 7 business days.

– The way to see if how long your check is placed on hold is 1) where (location) the check is drawn off 2) the amount of the check and 3) your account history

– If your check is drawn off a out of state bank, most likely it will be placed on hold

– If your check is more than $5,000 most likely it will be held

– If your account isn’t in too good shape (negative, bounced checks, new account) then it will most likely be held.
– Credit card or Home Equity Line of Credit (HELOC) checks are held 99% of the time. We cannot verify if the check is good so if the computer doesn’t put the check on hold the teller will.

– There are exceptions to these rules.

– If the check i sa paycheck, bring in your stub with the check and we will take it off.

– If your check is drawn off a well known company (Ex: Target, McDonalds) we will take it off.

– If you have a decent history with us, talk to a supervisor, and we will most likely take it off.

– Check holds are always negotiable, if you really need the money available talk to a supervisor/manager and see what he or she can do about it. Usually you can work out a deal to decrease the length of the hold or have the supervisor/manager call on the check.

Branch Tips

– If you are ever in a hurry and need to deposit or make a payment use the box we have in the lobby. Just fill out a deposit or payment ticket, put your check (no money) in the envelop, and we will process it before the end of the day

– We open on Saturdays, but we treat the day as Monday. Saturday is not a business day and everything we post that day will carry onto Monday.

– Use the Express Line. The Express Line is for SINGLE transaction ONLY! If you have more than one transaction, go into the main line,simple enough?

Remember Above All Tips

– Our goal for the year is “Customer Service”. We will do literally anything to make you guys happy.

– Use that fact to your advantage. If you have some problem (fees, service, ect.) complain to a manager or supervisor and he or she will do almost anything to make you happy.

WaMu is, by far, the BEST bank I’ve ever had. I don’t bounce checks and I keep a very accurate register (on my computer). WaMu held my deposits when my account was new (as you described above), but after my account was a couple of months old, anything I deposit is now available right away, even large checks. They give me free checks and free ATM withdrawls. I had Commerce Bank when I lived in NJ, but when I moved to FL, there were none. I had Bank Atlantic for a while (they charge a lot of fees). I will never have another bank. WaMu is the best. If you’re think of switching, do it. You will not be sorry. (I do not work for WaMu. I am just a very happy customer.)

I use my bank for ATM deposits and the hold only lasts 1-2 days. Looks like even if WaMu opens branches where I live I won’t be switching. And no, I can’t use “bankers hours” to come in because I have to do this thing called “work”.

I have WaMu and haven’t had any problems. Of course I have my pay direct deposited and have never bounced a check in this account (going on 8 years). Their customer service people are reasonable and on the whole I have no complaints. I did try to go in and get a signature loan one time, though… I do not use credit cards, and the only purpose of the loan was to repay it so I could have good payment history show up on my record… they still turned me down for not enough credit. My own bank! That I have done business with for years! Gee.

I’ve been a Wamu customer for over 5 years. What this employee is writing is legit.

As for ATM deposits, Wamu will only credit $100–anything over is placed on hold and deposited a few days later into your account. If you deposit inside the bank, usually the money is available right away. The exception are checks over $5000 (but I have gotten holds waived on large item checks so it depends on the manager).

But inside the bank and next to the ATMs, they have express deposit boxes which you can drop off your deposit and it will be credited the same day vs. an atm hold. I have only used the express deposit for small item checks and they have been deposited no problem. Again, the express deposit is usually right next to an ATM.

I will say Wamu has a generous deposit policy. I also bank at another bank and they always put a 24 hour hold on every check I deposit even with a teller–with Wamu if you need the money, it’s their asap.

Also, Wamu is offering 4% interest on savings–no minimums, you only need $1 to open. This offer is only if you open an account online but your savings account is treated like a regular Brick and Mortar account meaning you can go into the bank and make deposits/withdrawals on the account no problem.

To get that rate at BofA or even my other local bank, usually you need 5K minimum deposit.

Plus Wamu’s checking and savings are free. I have had some problems with Wamu in the past–but overall I stay with them because they are more or less totally free (as long as you don’t overdraft). And you do get more I believe from Wamu than from other large scale banks.

Not only WAMU customers, but any bank customer. If you want to use your money right away, dont deposit in the ATM. They usually only let you spend the first 100 dollars, and the rest is held for usually 1-3 days.

ATM deposits at WAMU owned ATMs located within reasonable distance of a WAMU branch are the same as making deposits at a WAMU teller window.
Check this link for the “Expedited Funds Availability Act”[www.fdic.gov]

I’ve had WaMu for a few years now, and it’s definitely an improvement over my previous Bank Of America account. In in the beginning there weren’t that many WaMu branches or ATM’s around. But today, they’re pretty much all over the place in my area.

The only things I’m bummed about is that they didn’t convert my “Free Checking” into “WaMu Free Checking”. It’s pretty lame that I have to actually request to be converted. And the other thing is with their online banking. For some reason they won’t let you download your entire transaction history in one shot. You can only download transactions in 60 (or 90?) day intervals.

That ATM deposit hold seems strange though. I would think it wouldn’t matter if you deposited in-branch or through the ATM. I guess it doesn’t matter to me. I have direct deposit. And whenever I do have to make a deposit, I go inside anyways.

@LatherRinseRepeat: I had BofA previous too–I opened a student checking account with BofA when I was 17 for $5 a month fee–had limits though–only a certain number of teller transactions each month, otherwise it was $2 each teller transaction etc . . .

After 2 years they moved me to the $20 monthly fee checking account. I didn’t notice this for several months. When I called they told me they thought I’d graduated from college in 2 years! I wish!!!

But BofA was very nice about it and did credit me back all of the monthly charges. Even though they did this, I decided I was tired of fees and trying to keep track of my month teller use, and switched to a credit union (which is a different issue) before ending up with Wamu.

None of this apparently applies to their credit card division. I called over a week in advance to ask if they would waive the late fee because I knew I would be a day late with my payment. All the supervisor would give me is to pay it late then call in afterwards and try to get it reversed. She wouldn’t even put a note on the account that I had called in advance to ask. So I closed my account, and when I was flush with cash made my WAMU card the first one I paid off. Assholes.

This doesn’t read so much like “confessions of a wamu banker” as “a review of wamu customer service policies (and free ad space)”. Not that I’m complaining, it is informational, but call a spade a spade.

In my area at least, under no circumstances should you ever ever ever-I can’t stress this enough-ever go through the Washington Mutual drive-thru. Rarely is anyone staffed there, and if you get sandwiched between two cars, your wait could be beyond 20-30 minutes.

I take issue with this nonsense of charging $10 for an overdraft transfer. I bank with Wells Fargo and they have the same policy. Why am I being charged to move my own money from one account to another? I make transfers all the time for FREE on my own accord, I fail to see how this is really different.

Nothing printed here has me thinking about switching. The only positive is that there are no fees for out of network ATM’s, but Wells Fargo ATMs are all over the place, so I’m never too far away from one.

LOL – seems that someone wants to show WAMU in negative. None of confession is something unknown – and nothing sinister about it.

I bank with WAMU and never had any problems at all –

* love their free cheks (Citibank will rip you for that)* love their free checking (no direct deposit)* enough number of ATMs ( you must be born yesterday not to know that other banks charge you ATM fees -even if WAMU doesn’t)* Who deposits checks into ATM (???) – and holds are nothing special about WAMU – every bank does it (why picking on wamu?)* and WAMU doesn’t send you postal mail to let you know that your e-statement is ready like shitibank does(I can’t resist)

‘B” forgot to list that your account balance, and pending transactions on the wamu website is not at all accurate or up to date. If you call to speak with someone about ir they say that it’s you fault for not keeping a register. I use Quicken, which is better than a check register, but relies on their faulty data.

I have withdrawn money from my account, and then have it debit my account, back in time, for a transaction which was not even listed as pending. I guess they forgot to post that check that cleared 2 days ago, and pre-empted all other transactions only AFTER I withdrew money. I have had this happen more than once. The second time I took screen captures of it to prove this, and they could care less.

I also love how they groups transactions together if you have a low balance, and then posting them all at once. This increases the likelihood of you mistakenly overdrawing your account.

I once had the “free checking for life” there. After about two months they informed me that they were ending that product and that my account had been converted to a standard “pay for” checking. It was good because it made me wise up to the idea that anything “for life” was a scam. I closed up my accounts there and haven’t gone back.

I may or may not be related to the story, which I read fully. I used to bank with WAMU, I had the Free Checking Account 4 life with free checks 4 life. But, I got tired of the “double” pending transactions or when I used my debit card at whatever store I got charged twice the very same amount. So far, I didn’t see anything free for life because the nice designs they used to have for free checks for life(I remember they lasted less than a year) was changed for the ugly WAMU checks. And about my concerns of having double transactions, it was never solved, tons of excuses and a Rep wanted me to open a Platinum Account just in case.

Been with WAMU for about 6 years now. I have to give them high marks overall but there are a few things that I would love to see improvement on the biggest of which is their on-line banking.

WAMU still only allows you to download transactions using Quicken or Money. No OFX which means that you cannot automatically download from programs like IBank or Moneydance. You have to download and then convert which is a pain.

Their on-line bill pay is pretty sucky overall. They still mail out a check instead of an EFT which adds time to any bill pay. It’s 2008, you think they could manage the EFT thing by now.

Lastly, I have a credit card with WAMU which shows me how I am using the card for spending. Why not on the banking side?

I have thought a lot about switching to a bank with more robust on-line services but I am holding out in hopes that WAMU will work on this side of their business.

I’ve been with WaMu for a little over an year and on the whole, they have been excellent. Indeed, I would be inclined to think that they seem to have customer service high on their hierarchy.

On the other hand, my local WaMu branch has been slipping pretty badly. I feel tempted to write a second letter revoking the original compliment letter I wrote earlier last year. Customer service has noticeably deteriorated, wait time shot up (used to be virtually nonexistant) and what is up with them not having $100 bills at different times of the day?

I asked about converting my old Free Checking account to WAMU free checking. However I get my paper checks sent back to me (yes I use paper checks occasionally to pay bills that can’t be paid online, and friends) and they said that if I converted, I wouldn’t be able to get my paper checks sent back every month anymore. And that is more important than free checks to me, given that I only order checks every…3-4 years or so, and I love designs, and duplicate checks, not plain ugly single ones. I also use credit cards (paid off in full every month) and not debit cards because of the limited liability if lost or stolen on CCs. So, no reason to convert.

One thing I’ve also learned is that you can cash your check at the bank that the check was written out of, and deposit cash into your account. Which would appear almost instantly. Sometimes, you can cash a check through YOUR bank and deposit the cash without having to wait for the “processing” time.

I don’t understand the $10 fee for the use of the overdraft protection feature. I bank at Wells Fargo and they have a similar policy. Why must I pay to have the bank move my own money around? I can process money transfers free on my own accord. This reeks of just another attempt to stick it to the consumer with fees.

I have banked with WAMU for many years, so I’m going to get a “renewed” free checking acct. I just received a letter from them last week. The NSF fee just went up to $34.00 just so you know. I disagree however, with calling the 800 number to discuss getting back your NSF fees. This happened to me a few years ago. They wouldn’t even talk to me about it. They said I had to speak with the mgr. of my branch. I did and all was good. Problem taken care of. Just something to keep in mind.

@tasselhoff Thanks for the info. So I guess I’ll be having to change accts. completely. That sucks!!

Only one thing has ever bothered me about WaMu. I once placed a very large order online and they company charged me twice so I went over my limit and they charged me $36 or whatever it was. The company refunded the money right away and admitted fault, but WaMu would not give me back the $36.

@dreamcatcher2: I agree. I was hoping for an article that explains the ‘why?’ of the policies. As in, WHY is $30 the industry standard for any customer infraction? What is the actual cost of a bounced check and how much of the charge is pure profit? etc. I guess I can keep dreaming about getting those answers, huh?

– ATM’s put your deposit on hold about 80% of the time. Usually for about 2-7 business days.

I call BS on this, unless the 5 or 6 times a year I DO use the ATM for a deposit I happen to fall into the lucky 20%. A portion becomes available the very moment it’s in, with the rest clearing by noon the next day. I never make it to the bank during business hours. This may be the behavior at individual branches, but it is not the bank’s policy as a whole.

An online CC payment went through twice–sending me into the red and 3 overdrafts. I called Wamu 1800 and talked to a rep who said if I got the CC company to put back the money within 24 hours, they’d waive the overdrafts.

I called the CC company and at first, they wanted to mail me a check (ha!) but agreed to put the money back into my account by the end of the day.

After the money was deposited, the next morning I called the Wamu 1800 number, and got a different person who told me the CC company should pay the overdrafts as it was their fault but told me I could call my local branch manager–which I did and she reversed the 3 charges for me.

That was before the courtesy 1 overdraft and 1 nsf check fee they currently offer.

In any case, this list of “confessions” was far less informative than the cell phone guys. This borders on free advertising. I mean, “Our goal for the year is “Customer Service”. We will do literally anything to make you guys happy.” Are you kidding? Confessions?

Recently I had an unexpected charge hit my checking account and cause a $10 overdraft transfer fee. No big deal, I think, since WaMu gives its customers one free OD / NSF waiver per annum. Wrong! :( I called tonight and spoke with a manager, and it turns out these waivers can only be used on the $30 OD item fee, not the $10 OD transfer fee. So if you have OD protection on your account, the waivers you get are useless.

WaMu has been good to me these past few years, though, so I’m willing to give them the benefit of the doubt and just chalk it up to an inexperienced call center supervisor. I wrote a letter this evening expressing my disappointment and will send it off to customer service. Will report back if I get a response.

-I use the WaMu drive up ATMs all the time, and my funds are never held – even when I deposited a $500 check.
-I’ve never understood the $10 overdraft transfer fund.
– WaMu has one of the worst online banking systems. I find that charges will double and triple post sometimes, and appear and disappear, too, messing with the available balance.
– I love the 4.75% interest on savings though.

WaMu still overdrafts? If I don’t have money in my checking account, I want the transaction DECLINED, not have my account overdrafted and get raped for some hideous fee. BoA did this to me many many times, I finally got angry enough to take all my money out and close my account. Good job BoA, you lost ANOTHER customer to Citibank.

Citibank’s been good to me. And I know they don’t overdraft because my friend had her Citibank debit card declined at the movie theater once….bought $17 worth of snacks (I won’t even go into the world of hideously overpriced snacks) and had $14 in her account. BoA charged me an overdraft fee for $.05. $18. For $0.05. That’s like, 3600% APR. :(

@gingerCE: hmmm, yeah I got my one courtesy one already. It was my fault pretty explicitly. I put all the money in one account but I didn’t have the check book for that account and I had to write two checks. I didn’t look at the numbers on the bottom of the check book, so I wrote two check for an account with no money in it. I hate checks.

I have my credit card set up to automatically withdraw at the end of the month, and I’m careful with what I buy, its just every once in a while I have to write a check.

notice the section that states: “Exceptions: When deposits of types 1, 4, 5, 6, and 7 are not made in person (for example, when they are made at one of your ATMs), the funds must be made available by the second business day. Deposits, cash or check, made at an ATM that you do not own (a “nonproprietary” ATM) must be made available by the fifth business day.”

some deposits made at an on-premises ATM are afforded the same availability (i.e. treasury checks), but not all.

@samurailynn: From what I can understand, it seems that ATMs are serviced by third parties. This means that all collections and services are provided not by the bank, but by that third party. All deposits are collected and tallied, and delivered to the bank the next day or two days or whatever later.

Therefore, while there is a record on your account that you deposited the money (that is, there’s a mark saying “so-and-so SAYS that they deposited money”), it won’t even show up in your recent activity until they have the envelope from the ATM, which won’t be for at least another day after you’ve made that deposit.

I believe WaMu does charge for ATM uses if you’re from a different bank, at least in NY City. I have to say, WaMu is interesting, but I’ll stick with Commerce for the extended hours. Commerce open from 7-8PM everyday including weekends.

Its a good article – informative, easy te read, but it really doesn’t fit the “99 Confessions of a dead puppy milkshake retailer” mold. Shouldn’t this be more like “Insider tips to save you money and heartache”?

Anyway, it’s got some useful bits, and WaMu is one of the few big name banks that hasn’t made it onto my list of companies that would force you to give your own blood if they thought they could make money from it, so it pleases me to see it here.

But i am disappointed to see that their “solution” for avoiding usurious overdraft fees is to sign up for their slightly less usurious “overdraft protection.” I mean, I understand that the current credit/mortgage meltdown has essentially forced the banks to find innovative new ways to nickel and dime their small customers to death with various fees, but there really should be an option to simply decline transactions that would force an account into negative balances.

Great! I would like a billion dollars, and oral gratification! You get right on that, B, and I’ll open an account!

(“When you misuse the word ‘literally’, you are using it in the exact opposite way it was intended. When you fuck that up, you fuck it up so bad. Its not like a little goof. You should stop using the word forever until you fucking figure it out.” – David Cross)

@Daniel Rutter: Woah man take a xanax cookie cause your way uptight, you need to Relax, take two deep breaths and count to ten.Go get a massage or something, that might help to lossen you up and put you in a better mood.